← Target Hospitality Corp.

Annual Trend FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
ASSETS
Current assets:
Cash and Cash Equivalents, at Carrying Value $0 $498k $6.8m $7.0m $23.4m $181.7m $103.9m $190.7m $8.3m
Prepaid Expense and Other Assets, Current — — $4.6m $7.2m $8.3m $12.6m $9.5m $9.3m $8.8m
Cash and cash equivalents $0 $498k $6.8m $7.0m $23.4m $181.7m $103.9m $190.7m $8.3m
Accounts receivable, less allowance for credit losses of $232 and $534, respectively — $57.1m $48.5m $28.2m $28.8m $42.2m $67.1m $49.3m $56.2m
Prepaid expenses and other assets — $4.0m $4.6m $7.2m $8.3m $12.6m $9.5m $9.3m $8.8m
Inventory, Net — — $1.1m $900k $1.6m $2.0m $2.1m $1.9m $2.1m
Assets, Current $0 $574k $60.8m $43.6m $60.5m $236.4m $180.5m $249.3m $73.3m
Total current assets $0 $574k $60.8m $43.6m $60.5m $236.4m $180.5m $249.3m $73.3m
Property, Plant and Equipment, Net — $18.9m $353.7m $311.5m $291.8m $357.1m $349.1m $320.9m $35.8m
Goodwill — $34.2m $41.0m $41.0m $41.0m $41.0m $41.0m $41.0m $41.0m
Intangible Assets, Net (Excluding Goodwill) — — $117.9m $103.1m $88.5m $75.2m $66.3m $52.8m $39.3m
Other intangible assets, net — $127.4m $117.9m $103.1m $88.5m $75.2m $66.3m $52.8m $39.3m
Operating Lease, Right-of-Use Asset — — — — — $27.3m $19.7m $24.9m $6.5m
Other Assets, Noncurrent — — $4.7m $5.4m $3.4m $1.9m $661k — —
Operating lease right-of-use assets, net — — — — $0 $27.3m $19.7m $24.9m $6.5m
Additional Financial Items
Accounts Receivable, after Allowance for Credit Loss, Current — — $48.5m $28.2m $28.8m $42.2m $67.1m $49.3m $56.2m
Accrued Liabilities, Current — $23.3m $35.3m $24.7m $33.1m $39.6m $33.7m $25.8m $22.5m
Specialty rental assets, net — $293.6m $353.7m $311.5m $291.8m $357.1m $349.1m $320.9m $332.4m
Deferred financing costs revolver, net — $2.9m $4.7m $3.4m $2.2m $896k $2.5m $1.9m $1.8m
Current portion of operating lease obligations — — — — — $12.5m $11.9m $8.5m $5.8m
Current portion of finance lease and other financing obligations (Note 7) — — $989k $3.6m $729k $1.1m $1.4m $1.9m $2.1m
Long-term finance lease and other financing obligations — — $996k $269k $696k $1.1m $1.0m $1.5m $1.7m
Long-term operating lease obligations — — — — — $11.1m $8.4m $17.5m $1.1m
Asset retirement obligations — $2.6m $2.8m $2.3m $2.1m $2.2m $2.4m $2.6m $2.7m
Common Stock in treasury at cost, 13,296,930 shares as of December 31, 2025 and 13,296,930 shares as of December 31, 2024. — — ($23.6m) ($23.6m) ($23.6m) ($23.6m) ($23.6m) ($57.3m) ($57.3m)
Assets $242k $331.0m $600.8m $534.2m $513.4m $771.7m $694.4m $725.8m $530.2m
Total assets $242k $331.0m $600.8m $534.2m $513.4m $771.7m $694.4m $725.8m $530.2m
LIABILITIES AND EQUITY
Total liabilities and stockholders' equity $242k $331.0m $600.8m $534.2m $513.4m $771.7m $694.4m $725.8m $530.2m
Current liabilities:
Operating Lease, Liability, Current — — — — — $12.5m $11.9m $8.5m $5.8m
Accounts Payable, Current — $21.6m $7.8m $10.6m $11.8m $17.6m $20.9m $16.2m $44.4m
Operating Lease, Liability, Noncurrent — — — — — $11.1m $8.4m $17.5m $1.1m
Deferred Revenue, Current — $19.6m $16.8m $6.6m $27.1m $120.0m $1.8m $699k $9.3m
Deferred Revenue, Noncurrent — $19.6m $9.4m $11.8m $7.3m $5.5m $3.7m $536k $9.3m
Long-term Debt, Current Maturities — — — — — — — $180.3m —
Long-term Debt, Excluding Current Maturities — — — — — — $178.1m — —
Liabilities, Current $226k $1.1m $60.9m $45.5m $72.8m $190.9m $70.3m $233.4m $84.0m
Total current liabilities $226k $1.1m $60.9m $45.5m $72.8m $190.9m $70.3m $233.4m $84.0m
Deferred Income Tax Liabilities, Net — — — — — $15.2m $53.1m $49.3m $42.3m
Other Liabilities, Noncurrent — — — $479k $1.5m $6.3m — — —
Deferred tax liability — — — — — $15.2m $53.1m $49.3m $42.3m
Deferred Tax Liabilities, Net — — $22.4m $29.9m $34.4m $15.2m $53.1m $49.3m $42.3m
Liabilities $226k $12.4m $477.4m $435.3m $416.1m $570.9m $317.0m $304.7m $141.1m
Total liabilities $226k $12.4m $477.4m $434.8m $416.1m $570.9m $317.0m $304.7m $141.1m
Stockholders’ equity:
Preferred Stock, Value, Issued $0 $0 — — — — — — —
Common Stock, Value, Issued — — $10k $10k $10k $10k $10k $10k $10k
Additional Paid in Capital $24k $996k $111.8m $106.6m $109.5m $139.3m $142.4m $148.8m $154.1m
Retained Earnings (Accumulated Deficit) ($9k) $4.0m $37.7m $18.3m $13.7m $87.7m $261.1m $332.4m $295.3m
Common Stock, $0.0001 par, 400,000,000 authorized, 113,094,172 issued and 99,797,242 outstanding as of December 31, 2025 and 112,248,984 issued and 98,952,054 outstanding as of December 31, 2024. $863 $928 $10k $10k $10k $10k $10k $10k $10k
Accumulated other comprehensive loss — ($2.5m) ($2.6m) ($2.4m) ($2.5m) ($2.6m) ($2.6m) ($2.8m) ($2.8m)
Stockholders' Equity Attributable to Parent $16k $5.0m $123.4m $98.9m $97.3m $200.8m $377.3m $421.1m $389.3m
Stockholders' Equity Attributable to Noncontrolling Interest — — — — — — — $9k ($197k)
Noncontrolling interest in consolidated subsidiaries — — — — — — — $9k ($197k)
Total stockholders' equity attributable to Target Hospitality Corp. stockholders $16k $5.0m $123.4m $99.4m $97.3m $200.8m $377.3m $421.1m $389.3m
Total stockholders' equity — — — — — — $377.3m $421.1m $389.1m
Liabilities and Equity $242k $331.0m $600.8m $534.2m $513.4m $771.7m $694.4m $725.8m $530.2m

Amounts are shown in USD as reported in each fiscal year filing.